Oil Terminal could see capital increase

Oil Terminal, the only harbour operator for oil products in Romania, could increase its share capital by over 100 million euros if the assets transferred to the state in 2001 are transferred back to the company, as a contribution to the share capital, according to a representative of the minority shareholders, Dan Barbulescu. He represents four foreign investment funds: Hyposwiss Fund, East Capital Balcan Fund, Clairmont Holdings Limited and Broadhurst Investments Limited in the Board of Directors of Oil Terminal. Currently, Oil Terminal’s share capital stands at some 16.5 million euros (58.2 million RON). The state owns 59.6% of Oil Terminal’s shares, and the main minority shareholders are the Property Fund (10%), and Broadhurst Investments, which own 7.6% of shares. Investment funds that hold shares in Oil Terminal are concerned a capital increase may be performed disregarding the pre-emption right of minority shareholders, which could cut their stakes down.